The digital identity (R)evolution

The digital identity (R)evolution

Why FIs must lead us into the new age of Digital ID

Expectations and demands for real time, reliable and seamless identity verification is a pressing issue that concerns not just the regulators, but also financial institutions and particularly online businesses. This gives rise to a landscape of multiple service providers with fragmented and siloed identity schemes.

But more recently, another type of Digital Identity Provider is emerging, more decentralized based on technology like blockchain in a scheme known as self sovereign identities. This could allow end users full ownership of their identity and control over who has access.

This development holds incredible potential for banks onboarding customers, and limiting ID theft and fraud while providing secure identity management.

Open in TwitterGlobalPaymentSummit@GlobalPaySummitRT @dgwbirch: “Mr Skinner says... the UK wasted too much time developing card payment technologies, such as chip and PIN and contactless, w…1 month ago

Open in TwitterGlobalPaymentSummit@GlobalPaySummitRT @dgwbirch: “In US currently, there’s no legal requirement stipulating a financial institution must make a consumer’s financial data avai…1 month ago